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Typically the owner of the property is responsible for the mortgage if they were the original signers of it. This cost is usually offset or covered completely through rental income.
If the rent is $750, $450 is mortgage, $100 for insurance, $100 for maintenance, and $100 for income.
Wiki User
∙ 7y ago
Wiki User
∙ 7y agoYou have asked a complicated question and the answer depends on the details and the arrangement made when the life estate was created. Also, the laws vary in different jurisdictions.
Generally, if the mortgage was granted by the owner and then the owner transferred the property to a new owner reserving a life estate, then yes, the life tenant must continue to pay the mortgage or the bank will take possession by foreclosure. That is, unless the new owner agreed to be responsible for paying the mortgage.
On the other hand, if the new owner decides to get a mortgage they must have the consent in writing from the life tenant and the new owner is responsible for paying the mortgage.
Wiki User
∙ 13y agoAlmost always. If they are the only person using the utilities, then certainly.
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Can a LIFE tenant sell the property if she cannot afford to pay utility bills?
The life tenant may be able to sell her interest in the life estate however, the term would still depend on her natural life. Upon her death the life estate is extinguished. Also, she will be responsible for any waste or damages to the property caused by her assignee. She should consult with an attorney who specializes in real estate law who can review her situation and explain her rights and options.
Is the estate responsible for upkeep of the property?
Yes. Unless there was some other arrangement made in the will such as a life estate where the life tenant is responsible or the beneficiary is made responsible.
Who is responsible for property taxes the beneficiary or the person with a life estate interest in the property?
You must consult with an attorney in your state. Generally, the life tenant is legally responsible for the property taxes but state laws vary.
Who is responsible for removing the personal property when the Life tenant dies and the LIfe Estate is terminated?
Seek legal advice from a law professional as laws differ in states and countries
Can a remainderman lease property of a lifetime estate to a leasing company without the life tenant's consent?
No. The life tenant has the right to the use and possession of the property for life.No. The life tenant has the right to the use and possession of the property for life.No. The life tenant has the right to the use and possession of the property for life.No. The life tenant has the right to the use and possession of the property for life.
Is a wife responsible for dead husbands medical bills in pa?
Unfortunatly I believe so, that is what life insurance is for.
What happens to life tenant property when life tenant is in nursing home?
Nothing. A "life tenant" is simply the owner for the rest of his or her life, regardless of where he or she lives. One would presume the nursing home will let you (or somebody) know when they no longer believe the "life tenant" is alive.
How do you sever a life estate in Florida?
A life estate is extinguished by the death of the life tenant or by the life tenant executing a deed of release of the life estate.
Who is responsible for medicals bills if that person dies and the bills is solely on his name?
If he/she has Life Insurance is maybe a possibility for them to pay for the cost. But most likely its removed since the person is deceased.
When your dad passed away he deeded the house to you but the girlfriend has a life estate with no restrictions Can she then give her life estate to someone else and if so who is responsible for taxes?
You need to consult with an attorney in you jurisdiction who can research the laws of your state to determine what expenses and responsibilities must be born by the life tenant. The life tenant may be able to assign their interest to another person but the life estate would expire upon the death of the original life tenant. You need to speak with an attorney who specializes in real estate law.
Does the grantee of the life estate deed have to sign the deed?
The life tenant does not have to sign the deed that creates the life estate unless there are specific conditions mentioned in that deed that will obligate the life tenant.In order for the property to be conveyed free of the life estate the life tenant must sign that deed as their consent.The life tenant does not have to sign the deed that creates the life estate unless there are specific conditions mentioned in that deed that will obligate the life tenant.In order for the property to be conveyed free of the life estate the life tenant must sign that deed as their consent.The life tenant does not have to sign the deed that creates the life estate unless there are specific conditions mentioned in that deed that will obligate the life tenant.In order for the property to be conveyed free of the life estate the life tenant must sign that deed as their consent.The life tenant does not have to sign the deed that creates the life estate unless there are specific conditions mentioned in that deed that will obligate the life tenant.In order for the property to be conveyed free of the life estate the life tenant must sign that deed as their consent.
When a life tenant dies with a will and property is willed the children is that property part of the estate?
A life estate expires when the life tenant dies. A life tenant doesn't own the property, it doesn't become part of their estate and therefore they cannot leave it to their heirs in their will. When a life estate is set up in a deed or will there is also a 'remainderman' who will own the property when the life tenant dies.
